Approaching 40 without having started retirement planning can be daunting, but it's never too late to begin. Something I generally suggest is to start by assessing your current financial situation and determining your retirement needs. Then look to possibly leverage employer-sponsored plans like 401(k)s, especially if there's an employer match, and consider IRAs for their tax advantages. At 50, you can make catch-up contributions to boost savings. It’s generally a good idea to prioritize reducing high-interest debts to free up funds. It's also prudent to diversify investments based on your risk tolerance and potentially consult with a financial advisor to develop your strategy. You might also think about delaying retirement or adopting part-time work to enhance savings. And sometimes, just a few tweaks in your daily lifestyle can free up some extra cash to tuck away. So, with some planning and a bit of discipline, there's totally a way to work toward a relaxed and comfy retirement. It's all about taking that first step!
Last received September 2023 based on 12/31/2022 data.
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